Leaving HL without transfer charges

stphnstevey

bossymoo wrote: »

I had a letter about 5 days later.


No you're right, I've not heard of any that were acknowledged as a complaint that haven't been waived.

Thanks for the confirmation


I've only made complaint by secure message (using the template on here), does it need to be by letter?

masonic

munk wrote: »

I always thought the II offer was a bit odd in as much as you only get the bonus £10 trading credits for each holding you transfer 'in specie' - but if they're transferred 'in specie' then you don't really need the £10 trading credit anyway since your holding has already been purchased when it's transferred in. The only way you would definitely benefit from the £10 per holding credit would be if you originally had, say, 10 holdings in your original provider, sold up and transferred as cash, and THEN were given 10x£10 trading credits at II to set up each of those holdings anew at II. But obviously that's not workable from II's point of view since you can't really reliably prove what holdings you originally had at the old provider... makes more sense though from the investor's point of view especially in light of how troublesome these in specie transfers are being.

The trading credit is spread across 1 year (£30 per quarter until fully paid), so it wouldn't be usable to rebuild your portfolio at the other end immediately. It does, however, come in rather handy for anyone who is going to run out of the usual £20 credit, or anyone who needs to rearrange their portfolio and can do so in stages. Thinking more cynically, those moving established portfolios are likely to trade less frequently and incentivising those customers to place more deals in the early days may bring in more commission for iii in the long run.

* - That said... well you do get the other £100 cash bonus amount don't you so that at least would cover the price of 10 trades (although the cash is paid over the first year, at least you'd get back the price of those 10 trades over the course of the first year). Or I guess you could just use your 2 free trades per quarter to slowly re build the portfolio if you really didn't want to lose out on the money. Which is a bit penny pinching maybe.

There is a cash incentive, but this is dependent on transferring in specie @ £10 per line of stock, just like the commission credit and (although I haven't received mine yet to confirm), the wording of the offer states "The cash will be paid to your trading account within 28 days of the transfer being completed." Transferring in cash attracts no offers that I'm aware of.

happyarthur

Initiated transfer to II early March without transfer charges ( thanks naedanger post 371 ). HL shares moved to II last week. All my unit trust ISAs still waiting. How do I do a screenshot? IT numpty here!


What is annoying is that there is no way of seeing on HL's website how many units I had as nothing appears in the transaction history. Did everyone take screenshots of their holdings?[/QUOTE] JIGGY2 post yesterday.

Sparky47

happyarthur wrote: »

Initiated transfer to II early March without transfer charges ( thanks naedanger post 371 ). HL shares moved to II last week. All my unit trust ISAs still waiting. How do I do a screenshot? IT numpty here!


What is annoying is that there is no way of seeing on HL's website how many units I had as nothing appears in the transaction history. Did everyone take screenshots of their holdings?

I took screenshots of funds and cash before anything moved and then again as the cash balance changed with income and loyalty bonuses.
As you say there is no record in the transaction history so that is my only proof of what I started with.

You can do a screenshot by pressing the 'Prt Scr' button on your keyboard to copy it and then pasting it into something like Word.

bossymoo

I now have about 1/3 of my investment with II, 1/3 still with HL (mostly Legal & General funds, pull your fingers out, boys!) and the other 1/3 is in the virtual plane somewhere.

I'm still debating with II about one fund that should be in my ISA but they say on HL valuation it isn't. Not worried at this stage, though...

badger09

bossymoo wrote: »

I now have about 1/3 of my investment with II, 1/3 still with HL (mostly Legal & General funds, pull your fingers out, boys!) and the other 1/3 is in the virtual plane somewhere.

I'm still debating with II about one fund that should be in my ISA but they say on HL valuation it isn't. Not worried at this stage, though...

I now have 75% of my ISA successfully transferred to IWEB, together with uninvested cash, and 25% in the ether somewhere between HL & IWEB. Even though I'm only invested in 1 fund, I'm not worried. Yet :eek:

Doctor_Who

If anyone is currently transferring their SIPP to II make sure you have completed a Key Features Illustration (KFI) and send II the reference number by secure message.

My SIPP transfer from HL to II has been held up for well over a month because II failed to tell me I had to complete a Key Features Illustration (KFI) when I opened the SIPP in February! Last month they sent me a secure message telling me this, but then failed to say that I had to return the KFI reference number, they just said to complete and submit the KFI online and it would update their records, which it didn't! I have complained to II about their admin processes, especially as they have just taken the SIPP fee of £144 for the year!

So, these transfer delays aren't all down to HL.

Freecall

Doctor_Who wrote: »

So, these transfer delays aren't all down to HL.

I have to say that I agree.

I have had an ISA with ii for some years and moving my SIPP to them seemed to offer a straightforward way to handle things. I too was asked to do the KFI after a couple of months which I did but I am still being asked to repeat it.

Apparently you have to do one for each contribution but they can be done in a block so that they have a stock of them.

I don’t have a problem completing them but I am sure that I never had to do this at HL.

ii tell me that it is a regulatory requirement and that all SIPP providers have to do it so I must be wrong.

I guess that it will all sort itself out in the end but ii have not made things very clear and I am beginning to lose a bit of confidence in their administration procedures.

We will have to wait and see if it all settles down.

Doctor_Who

Yes.....and actually putting money into your II SIPP is nowhere near as straight forward as it was with HL. I have a monthly subscription but cannot change the amount in my online account, nor can I use the online system to make single subscriptions from my debit card. I'm told by II that I MUST complete and send a paper form for each of these.

I hope I don't have to complete a KFI for each monthly contribution!! I don't remember ever doing this with HL and I was with them for 5 years.....my SIPP is still there waiting transfer

darren72

So what options are there for contributing to the II SIPP ?

I assumed I could just do a bank transfer to my SIPP account (with faster payments) to enable me to invest almost immediately.